TCS ANTIQUE JAN 12 by icestar

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									                      AMP
                                                                                           STRICTLY CONFIDENTIAL




                                                                                           18 JANUARY 2012
ANTIQUE’S MORNING PRESENTATION
                                                                                           Market Snapshot
   FROM THE RESEARCH DESK — QUARTERLY RESULTS REVIEW
                                                                                           Global Indices          Closing     % Chg          % YTD
   Tata Consultancy Services Limited                                                       Dow Jones               12,482           0.5          2.2
   Cross currency leads to moderate growth                                                 NASDAQ                   2,728           0.6          4.7
                                                                                           FTSE                     5,694           0.6          2.2
   HCL Technologies Limited
                                                                                           CAC                      3,270           1.4          3.5
   Deal wins save the day                                                                  DAX                      6,333           1.8          7.4
   Dewan Housing Finance Corporation Limited                                               Russia                   1,473       (0.2)            6.6

   Strong performance in a difficult quarter                                               Bovespa                 60,646           1.1          6.9
                                                                                           Nikkei                   8,470              -         0.2
                                                                                           Hang Seng               19,628           3.2          6.5
                                                                                           Shanghai Composite       2,298           0.0          4.5
  Global News
     Stocks rose, sending the Dow Jones Industrial Average to the highest since July,      Indian Indices          Closing     % Chg          % YTD
     while commodities and the euro climbed as reports bolstered optimism in the US        Sensex                  16,466           1.7          6.5
     and German economies and Spain’s borrowing costs decreased.                           Nifty                     4,967          1.9          7.4
                                                                                           MSCI India                 390           3.1         12.3
     Oil rose for a second day in New York after reports yesterday bolstered optimism      CNX Midcap               6,725           1.2         10.0
     in the US and German economies, increasing speculation by investors that fuel         BSE Smallcap             6,258           1.1         12.8

     demand will climb this year.
                                                                                           Flows (USDm)                             Last        MTD

  Sector & Corporate News                                                                  FII                                       87         630
                                                                                           Locals                                   (20)       (120)
     Airlines: A key group of ministers reached a consensus on allowing foreign
     airlines to buy up to 49% stake in Indian carriers. Foreign carriers are not          Provisional flows                                (USDm)
     currently allowed to directly or indirectly make any investment in Indian carriers.   FIIs                                                 200
                                                                                           Locals                                               (84)
     Mahindra & Mahindra: Buoyed by the overwhelming demand for its
     newly-launched sports utility vehicle XUV5OO,automobile giant Mahindra &              Volumes                       USDbn                % Chg
     Mahindra plans to expand the production capacity by at least 20% to 36,000            Cash (NSE + BSE)                   2.9              30.0

     units a year at its Chakan facility.
                                                                                           FII F&O                    Stock Fut            Index Fut
     Lanco Infratech: Subsidiary Udupi Power Corporation Ltd (UPCL) was unable             Net ($m)                           52                206
     to make a debt repayment of INR900m that was due on January 15, as it has             Open Int (%)                       0.0                8.4

     not received payments totaling INR4.5bn from the state distribution companies
                                                                                           ADR/GDR Gainers                   Last            % Chg
     (discoms) in Karnataka for its first unit of 600 mw at Udupi.
                                                                                           Sterlite                           8.6                8.3

     Marico: Is looking at acquisitions worth up to INR10bn both in the domestic           Reliance                          29.4                4.7
                                                                                           Tata Motors                       20.7                4.4
     and overseas markets as part of its strategy to maintain a growth of 26-27% in
                                                                                           Wipro                             10.2                3.1
     the coming years.                                                                     MTNL                               1.1                2.9

     Reliance Communications: Has raised USD1.18bn from Chinese banks
                                                                                           ADR/GDR Losers                    Last            % Chg
     to repay lenders of its overseas convertible bonds that the company had issued
                                                                                           Infosys                           51.1               (1.5)
     in 2007.                                                                              TCL                                8.5               (1.0)
ANTIQUE STOCK BROKING LIMITED                                                                            MARKET SNAPSHOT                   18 JANUARY 2012 | 2




     Sectoral indices                                                               Delivery Spike
                                  Closing      % Chg      % MTD         % YTD       Company                       Volume           Spike (%)       Chg (%)

     BSE Auto                          8,755     2.6            7.5        7.5      Ranbaxy                 1,239,599                  790          (0.81)

     BSE Bank                     10,396         1.2         13.6         13.6      Hindalco                7,330,722                  736            6.00

     BSE Cap Goods                     9,844     3.7         22.0         22.0      HCLTech                 2,432,382                  582            4.79

     BSE Cons dur                      5,650     0.6           6.9         6.9      Sun Pharma                834,155                  337            2.08

     BSE FMCG                          4,128     0.7            2.3        2.3      Rel Infra                 680,114                  332            4.69

     BSE IT                            5,635     1.0         (2.0)        (2.0)     Jindal Steel            1,169,254                  288            2.49

     BSE Health                        6,128     0.6           4.4         4.4      Sesa Goa                1,474,117                   247           1.02

     BSE Metal                    11,171         3.7         20.2         20.2      HDIL                    3,445,386                  246            7.42

     BSE Oil                           7,903     2.8           5.0         5.0      Wipro                   1,159,403                  230            1.89

     BSE Power                         2,033     1.7         13.2         13.2
     BSE PSU                           7,168     1.8         12.6         12.6
     BSE Realty                        1,628     3.5         18.3         18.3
     BSE TECK                          3,365     1.0         (0.5)        (0.5)

                                                                                    Derivatives Update
                                                                                    Long Buildup
                                                                                    Company                Last       % Chg        % Chg OI     OI (in 000)
                                                                                    MARUTI               1,099              8.7         18.6        3,636
                                                                                    HDIL                    77              7.2          3.7       16,272
     Nifty Outperformers                                                            UNITECH                 26              6.1          4.1       44,080
                                       Price   % Chg      % MTD         % YTD       TATASTEEL              442              4.9          0.1       20,602

     Maruti Suzuki India Ltd           1,108     9.9         20.7         20.7      Short Buildup
     Hindalco Industries Ltd            141      6.0         21.3         21.3      Company                Last       % Chg        % Chg OI     OI (in 000)
     Jaiprakash Associates Ltd           64      5.7         21.3         21.3      GMRINFRA                28             (1.7)         1.3       71,768
     Larsen & Toubro Ltd               1,267     5.5           27.4       27.4      TCS                  1,107             (0.4)         5.0        6,348
     Tata Steel Ltd                     443      5.0         32.0         32.0      TITAN                  185             (0.2)         3.7       13,477
     Hcl Technologies Ltd               425      4.8            9.7        9.7      ITC                    209             (0.2)         1.3       23,316
     Infrastructure Dev Finance         116      4.8           27.0       27.0
                                                                                    Short Covering
     Nifty Underperformers                                                          Company                Last       % Chg        % Chg OI     OI (in 000)
                                                                                    ABAN                   418              6.0         (8.1)       2,533
                                       Price   % Chg      % MTD         % YTD
                                                                                    HINDALCO               141              5.6         (5.9)      20,822
     Ranbaxy Laboratories Ltd           465     (0.8)             -           -     LT                   1,268              5.3         (0.8)       5,640
     Icici Bank Ltd                     786     (0.8)        14.7         14.7      ADANIENT               373              4.5         (3.4)       3,720
     Gail India Ltd                     370     (0.5)        (3.4)        (3.4)
     Tata Consultancy Svcs Ltd         1,104    (0.5)        (4.9)        (4.9)     Profit Booking
     Itc Ltd                            208     (0.3)          3.5         3.5      Company                Last       % Chg        % Chg OI     OI (in 000)
     Dr. Reddy'S Laboratories          1,645     0.1           4.3         4.3      ICICIBANK              789             (0.6)        (0.6)      13,448
     Tata Power Co Ltd                   98      0.2         12.1         12.1      RUCHISOYA               94             (0.6)        (0.6)      25,252




     Bulk Deals
     Date             Security Name              Client Name                                                         Buy/Sell             Qty        Price
     17-Jan-12        Standard Chartered PLC     Goldman Sachs Investments Mauritius I Ltd                           BUY           2,685,000        84.00
     17-Jan-12        Standard Chartered PLC     Integrated Core Strategies (Asia) Pte.Ltd.                          SELL          2,685,000        84.00
     17-Jan-12        ICRA                       Templeton Mutual Fund A/C Franklin India Prima Plus                 BUY               95,445     830.00
     17-Jan-12        ICRA                       SBI Mutual Fund A/C Sbi Tax Advantage Fund Series I                 SELL            162,127      830.04
     17-Jan-12        IL&FS TRANS                IL&FS Financial Services Limited                                    BUY           2,440,534      166.00
     17-Jan-12        IL&FS TRANS                Standard Chartered Il&Fs Asia Infrastructure Growth Fund Co Pte L   SELL          2,440,534      166.00
     17-Jan-12        Infotech Enter             Reliance Mf Ac Equity Opportunities Fund                            BUY           1,216,000      120.00
     17-Jan-12        Infotech Enter             Capital World Growth And Income Fund Inc                            SELL           1,925,493     120.00
ANTIQUE STOCK BROKING LIMITED                                                                                                                 MARKET SNAPSHOT                       18 JANUARY 2012 | 3




     Nifty                                                           Nifty P/E                                                               Nifty P/B
      7000                                                            30                                                                      8

      5600                                                            24
                                                                                                                                              6
      4200                                                            18
                                                                                                                                              4
      2800                                                            12
                                                                                                                                              2
       1400                                                            6

           0                                                           0                                                                      0
           Jan-08      Jan-09       Jan-10     Jan-11       Jan-12     Jan-08           Jan-09          Jan-10      Jan-11     Jan-12         Jan-08        Jan-09       Jan-10      Jan-11      Jan-12

     Source: Bloomberg

     Sensex                                                          FII Provisional Flows (INRcr)                                           DII Provisional Flows (INRcr)
      25000                                                            3000                                                                   1500
      20000
                                                                       1500                                                                       750
       15000
                                                                               0                                                                    0
       10000
                                                                      -1500                                                                    -750
        5000

               0
                                                                      -3000                                                                   -1500
            Jan-08       Jan-09      Jan-10    Jan-11       Jan-12        Jan-11            May-11               Sep-11      Jan-12               Jan-11        May-11            Sep-11       Jan-12

     Source: Bloomberg



     Economy, Money & Banking                                                                                Commodities Update
     Forex Rate                    Last          % Chg               % MTD                  % YTD            Commodities                             Last            % Chg          % MTD         % YTD
     INR~USD                      50.7             1.3                     4.6                   4.6         Gold ($/Ounce)                        1,649              (0.2)            5.5           5.5
     INR~EUR                      64.8             0.5                     6.1                   6.1         Crude Oil ($/Bl)                       101                0.4             2.3              2.3
     INR~GBP                       78.0            0.9                     5.7                   5.7         Aluminium ($/t)                       2,191               3.0             9.9              9.9
                                                                                                             Copper ($/t)                         8,188                1.4             7.9              7.9
     Bond Market                   Last       Chg (bps)          MTD (bps)               YTD (bps)           Zinc ($/t)                            1,992               1.7             9.0              9.0
     10 Year Bond                   8.2                 2               (35)                     (35)        Lead ($/t)                            2,081               3.8             3.5           3.5
     Interbank call                 9.0             30                     50                     50         Nickel ($/t)                         19,468               0.5             4.0           4.0


     INR/USD                                                         Gold and silver prices                                                  Crude prices
      54                                                              2000                                                              60    150
                                                                                                                                        50
      52                                                              1500                                                                    130
                                                                                                                                        40
      50
                                                                      1000                                                              30    1
                                                                                                                                              10
      48
                                                                                                                                        20
                                                                      500                                                                      90
      46                                                                                                                                10
      44                                                                   0                                                            0      70
      42                                                                   Jan-08        Jan-09         Jan-10      Jan-11    Jan-12           50
       Jan-11            May-11           Sep-11            Jan-12                        Go ld (LHS)               Silver (RHS)                  Jan-08     Jan-09       Jan-10      Jan-11     Jan-12

     Source: Bloomberg

     Inflation vs 10 year yield                                      Nifty premium/discount                                                  NSE volatility index (%)
      12                                                              25                     21                                                32
      11
                                                                      20                                              17                       30
      10
       9                                                              15           11                      12                                  28
       8                                                                                                                           10
       7                                                              10                                                                       26
       6                                                               5                                                                       24
       Mar-10             Oct-10          May-11        Dec-11
                                                                       0                                                                       22
                   Inflation (%)              10 Yr Yield (%)                  11-Jan 12-Jan 13-Jan 16-Jan 17-Jan                               19-Dec 26-Dec             2-Jan      9-Jan      16-Jan

     Source: Bloomberg
ANTIQUE STOCK BROKING LIMITED                                                                                                            18 JANUARY 2012 | 4




       Current Reco               :    BUY                     3QFY12 RESULTS REVIEW
       Previous Reco
       CMP
                                  :
                                  :
                                       BUY
                                       INR1,100                Tata Consultancy Services Limited
       Target Price               :    INR1,286                Cross currency leads to moderate growth
       Potential Return           :    17%

                                                               Results highlights
                                                                     Tata Consultancy Services Ltd. (TCS) reported 3QFY12 revenues of INR132bn and
      Sandip Agarwal
      +91 22 4031 3427                                               PAT of INR28.9bn (~21.9% up 90bps QoQ), in line with our estimates of
      sandip.agarwal@antiquelimited.com                              INR132.6bn and INR28.6bn respectively. Revenues were up 36.6% YoY and
                                                                     13.5% QoQ (volume growth was ~3.2%, 4.5% in constant currency and 2.4% in
                                                                     USD terms), largely driven by growth across geographies of North America
                                                                     (~13.3%), UK (~9.5), Continental Europe (~18.1%), and Asia (~15.7%).

     Market data                                                     Company's OPM margins improved by 213bps QoQ, from 27.1% in 2QFY12 to
     Sector                       :                       IT         29.2% in 3QFY12 helped by favorable currency. TCS reported an EBIDTA of
     Market Cap (INRbn)           :                2,161             ~INR40.9bn vs. INR33.9bn in the previous quarter. EPS for the quarter came at
     Market Cap (USDbn)           :                 42.6
                                                                     INR14.75 vs. INR12.41 in the previous quarter.
     O/S Shares                   :                1,957
     Free Float (m)               :                  510             Revenue growth was led by Americas (N. America ~13.3 and L. America ~18.6),
     52-wk HI/LO (INR)            :       1247/902
                                                                     Continental Europe (~18.1), and Asia Pacific regions (15.7%) on a sequential
     Avg Daily Vol ('000)         :                2,824
     Bloomberg                    :               TCS IN             basis, while on the business vertical side strong growth was witnessed in BFSI
     Source: Bloomberg                                               (12.5%), Retail (15.1%), Manufacturing (14.2%), Hi- Tech (13.5%) and Media
                                                                     (19.8%).
     Returns (%)
                         1m     3m      6m          12m              Company declared an interim dividend of INR3/share and added 40 new clients
     Absolute            (4)     (1)      (4)            (3)
                                                                     during the quarter, of which two were in USD100m category.
     Relative            (9)      2           9          11
     Source: Bloomberg
                                                                     TCS added ~18,907 people during the quarter on gross basis and 11,981 on a
     Shareholding pattern                                            net basis. It ended the quarter with 82% utilisation (ex-trainees), a decline of 110bps
                                                                     QoQ. Company's attrition level declined significantly from 13.7% in the last quarter
                                                  FIIs
                                                  13%                to 12.8% in the current year.

                                                               Valuation and outlook
     Promoters                                       FIs
        74%                                          8%        At the CMP of INR1,100, TCS is trading at 16.3x our FY13e EPS of INR67.7, and we
                                                               value TCS at INR1,286 based on 19x FY13e EPS estimates of INR67.7 which leaves a
                                                  Others
                                                   5%
                                                               potential upside of ~17% at current levels. We reiterate a BUY rating on the stock.

     Source: BSE                                               Quarterly financials
                                                                                          3QFY12          3QFY11       Chg (%)       2QFY12        Chg (%)
     Price performance vs Nifty                                Revenue                      132,040        96,633          36.6      116,335           13.5
      300                                                      Cost of revenue                69,964        52,753          32.6       63,716           9.8
      225                                                      Gross Profit                   62,076       43,880          41.5        52,619          18.0
      150                                                      SG & A Expense                23,458        16,562          41.6        21,076          11.3
        75                                                     Operating Income              38,618         27,318                     31,543

          0                                                    Other Income (expense)          (920)         1,822       (150.5)          997        (192.3)
           Jan-     Jan-       Jan-    Jan-        Jan-        Income before taxes            37,698       29,140           29.4       32,540          15.9
            08       09         10      11          12         Taxes                           8,538         5,491          55.5        7,913            7.9
                                                               Minority Interest                 294          189                         237
                   TCS                   NIFTY
                                                               Reported PAT                  28,866        23,460           23.0       24,390          18.4
     Source: Bloomberg
                                                               EPS                             14.75        11.99                       12.46
                                                               Source: Company, Antique
ANTIQUE STOCK BROKING LIMITED                                                                                                          18 JANUARY 2012 | 5




                                            Other results highlights
                                                  OPM margins were helped by currency (282bps) and other components (45bps),
                                                  while had a negative impact of 10bps from GDC shift and 94bps from pricing
                                                  front.

                                                  The company won 10 large deals, of which 2 each were from Retail and Banking
                                                  and 1 each from manufacturing, utilities, life sciences, telecom and others.

                                                  Management did a detail survey of its 96 top clients, of which 64 had either
                                                  increased or maintained their budgets while 32 had cut their budgets. Management
                                                  re-iterated that they have not witnessed any project cancellation yet.

                                                  On the discretionary projects front, out of the 130 projects surveyed, half of them
                                                  witnessed a delay in decision making.

                                                  Management expects pricing to be stable and remain in a very narrow range.

                                                  The company has made ~43,600 campus offers till date.

                                                  The company has USD1.1bn of receivable hedges and USD1.3bn of revenue
                                                  hedges (for 4QFY12) as on Dec 31, 2011.

                                                  The company intends to hire ~15,000 employees on a gross basis in 4QFY12.

     Key metrics
     (%)                          3QFY10        4QFY10        1QFY11           2QFY11      3QFY11      4QFY12         1QFY12          2QFY12     3QFY12
     Revenues
     Offshore                       51.30          51.00          51.20          51.10       51.40           50.30       50.60          50.90      50.50
     Onshore                        42.50          43.60          43.60          43.90       43.70            44.70      44.80          45.20      45.00
     GDC/RDC                         6.20            5.40              5.20       5.00        4.90             5.00           4.60        3.90      4.50
     Time & Material                52.00          51.30          50.90          51.00       50.30           50.50       50.30           53.20     53.60
     Fixed Price                    48.00          48.70           49.10         49.00       49.70            49.50       49.70         46.80      46.40
     Utilization ( Inc-Trainee)     77.20          74.30           74.80         77.70       77.10           75.10       76.20           76.40     74.04
     Utilization ( Ex-Trainee)      81.10          81.80           82.60         83.80       83.80            82.40      83.20          83.10      82.00
     Gross Addition                12,854        16,851          10,849         19,293      20,219           19,324     11,988         20,349     18,907
     Attrition                      5,162           6,076              7,578     8,576        7,722           7,624      8,412           7,769     6,926
     Net Addition                    7,692        10,775           3,271        10,717      12,497           11,700      3,576         12,580     11,981
     Total Employees              149,654 160,429             163,700          174,417     186,914     198,614 202,190                214,770    226,751
     Source: Company, Antique


                                            Client contribution
                                            %                                    3QFY12        3QFY11            Chg (%)             2QFY12      Chg (%)
                                            Top Client                               6.9               7.7            (0.8)              6.9            -
                                            Top 5 clients                           19.6             21.9             (2.3)             20.0        (0.4)
                                            Top 10 clients                          27.7             30.1             (2.4)             28.3        (0.6)
                                            Source: Company, Antique


                                            Client and business data
                                                                                3QFY12        3QFY11             Chg (%)             2QFY12      Chg (%)
                                            Number of Active Clients               1,003              959             44.0             1,010        (7.0)
                                            New Clients Added                        40                35              5.0               35          5.0
                                            Revenue from Repeat Business (%) 98.3                     97.6             0.7              99.3        (1.0)
                                            Revenue from New Business (%)            1.7              2.4             (0.7)              0.7         1.0
                                            Source: Company, Antique
ANTIQUE STOCK BROKING LIMITED                                                                                18 JANUARY 2012 | 6




                                Segment revenue
                                INRbn                          3QFY12      3QFY11            Chg (%)      2QFY12        Chg (%)
                                Application Dev & Maint             58.1       43.5             33.6             52.0      11.7
                                Business Intelligence                5.8        5.1             13.4              5.5       6.3
                                Enterprise Solutions                15.1        9.3             62.3             12.9      16.6
                                Assurance Services                  10.0        6.9             46.3              8.8      13.5
                                Engineering & Industrial Services    6.1        4.6             30.9              5.6       8.8
                                Infrastructure Services             14.0       10.1             37.9             11.2      25.3
                                Global Consulting                    3.7        2.2             66.3              3.0      22.2
                                Asset Leverage Solutions             5.0        3.9             29.8              4.7       7.8
                                Business Process Outsourcing        14.3       11.0             29.4             12.7      12.5
                                Total Revenues                  132.0         96.6             36.6         116.3         13.5
                                Source: Company, Antique


                                Industry verticals
                                INRbn                          3QFY12      3QFY11            Chg (%)      2QFY12        Chg (%)
                                BFSI                                57.2       43.1             32.7             50.6      13.0
                                Telecom                             13.2       11.5             14.8             12.4       6.1
                                Manufacturing                       10.3        7.0             48.0              9.1      13.5
                                Retail & Distribution               16.2       10.5             54.2             14.1      15.4
                                Life sciences and Healthcare         7.0        5.0             39.3              6.2      13.5
                                Transportation                       5.0        3.3             52.7              4.4      13.5
                                Energy and Utilities                 5.4        4.3             27.3              5.0       8.2
                                Hitech , Media and Others           17.7       12.0             47.7             14.5      21.7
                                Total Services                  132.0         96.6             36.6         116.3         13.5
                                Source: Company, Antique


                                Change in forecast
                                We are revising our FY13e numbers by resetting our INR/USD estimates at 50 and
                                had also reduced our utilisation estimates (inc. trainees) to 75.5% vs. our earlier estimate
                                of 77% and had also reduced our attrition estimates from 14% to 13%.

                                Change in estimates
                                                                                               FY13
                                                                                      Old                New              B/W
                                Revenues (INRm)                                 582,969                611,437              5%
                                EPS (INR)                                             64.6                67.7              5%
                                Source: Antique


                                Valuation and outlook
                                       Company's scale of advantage enables it to operate at higher utilisation levels of
                                       82-84% vis-à-vis 75% of its peer set. We believe that TCS will be able to post robust
                                       revenue growth going forward albeit margin improvement will be a tough task as
                                       all the margin triggers are already stretched.

                                       At the CMP of INR1,100, TCS is trading at 16.3x our FY13e EPS of INR67.7, and
                                       we value TCS at INR1,286 based on 19x FY13e EPS estimates of INR67.7 which
                                       leaves a potential upside of ~17% at current levels. We reiterate a BUY rating on
                                       the stock.
ANTIQUE STOCK BROKING LIMITED                                                                                                                              18 JANUARY 2012 | 7




     Financials
     Profit and loss account (INRm)                                                           Cash flow statement
     Year ended 31st Mar 2009                      2010      2011 2012e            2013e      Year ended 31st Mar 2009                     2010       2011 2012e           2013e
     Revenues                         278,129     300,289    373,245    495,933    611,437    PBT                               61,501     82,901 110,206 145,491          179,950
     Expenses                         212,072     219,953    268,814    355,826    439,167    Depreciation & amortisation        5,641      6,609      7,353      6,462       9,305
     Operating Profit                 66,057      80,337 104,431        140,107    172,270    Interest expense                     287        159        265     (1,739)         27
     Other income                      (4,270)      2,721      6,040      3,645      7,706    Interest / Dividend Recd          (4,803)       434     (6,445)    (7,882)     (7,706)
     EBIDTA                            71,698      86,946    111,784 146,569       181,575    Other adjustments                  8,673      5,768      (951)         (0)          0
     Depreciation                         5,641     6,609      7,353      6,462      9,305    (Inc)/Dec in working capital      (5,157)    21,943    (21,277)    20,402     13,995
     Interest expense                      287        161        265     (1,739)        27    Tax paid                         (12,240)   (15,670)   (22,770)   (18,359)   (46,508)
     Profit before tax                 61,501     82,896 110,206 145,491           179,950    CF from operating activities      53,902    102,144    66,381 144,374        149,062
     Taxes incl deferred taxation         8,390    11,970     18,308     33,199     46,508    Capital expenditure              (10,471)   (10,308) (18,282) (18,000)       (20,000)
     Extra ordinary Items & others         547        920      1,218      3,286        886    (Purchase)/Sale of Investments   (12,928)   (21,242)    (1,578) (13,044)     (13,044)
     Profit after tax                 53,658       70,006    90,680 109,006        132,556    Income from investments          (10,930)   (10,155)     4,548      7,882       7,706
     Recurring EPS (INR)                  27.4       35.8       46.3       55.7       67.7    CF from investing activities (34,329)       (41,705)   (15,312) (23,162)     (25,338)
     Note: Revenues are ex-other income                                                       Inc/(Dec) in share capital          (288)      (109)     (258)      1,739         (27)
                                                                                              Inc/(Dec) in debt                   (125)    (4,174)      (244)     6,459            -
     Balance sheet                                                                            Dividends & Interest paid        (16,142)   (47,653)   (46,087) (41,218)      (47,859)
     Year ended 31st Mar 2009                      2010      2011 2012e            2013e      CF from financing activities (16,555)       (51,936) (46,589) (33,021)       (47,886)
     Share capital                        1,979     2,957      2,957      2,957      2,957    Net cash flow                      3,018     8,503      4,480      88,192     75,839
     Reserves & surplus               155,022     181,710    242,091    302,946    388,529    Opening balance                   12,234     15,252     23,755     28,235    116,426
     Networth                         157,000     184,667 245,048 305,903          391,486    Closing balance                   15,252     23,755    28,235 116,426        192,265
     Debt                                 5,632     1,033        748      7,207      7,207    Restricted Cash                   11,729     23,431     45,546     45,546     45,546
     Deferred tax liability               4,732     4,304      5,677      9,044      9,044    Total Cash                        26,981     47,186     73,781    161,973    237,812
     Capital employed                 167,364     190,004    251,473 322,153       407,736
     Gross fixed assets                58,439      64,195     77,922     95,922    115,922
                                                                                              Growth indicators (%)
     Accumulated depreciation          23,597      28,975     35,452     41,914     51,219
                                                                                              Year ended 31st Mar 2009                     2010       2011 2012e           2013e
                                                                                              Revenue                             23.0        8.0       24.3       32.9        23.3
     Net assets                       34,841      35,220     42,471     54,009      64,704
                                                                                              EBITDA*                             25.5       21.3       28.6       31.1        23.9
     Capital work in progress             7,055    10,174    14,692      11,634     11,634
                                                                                              PAT*                                 5.4       30.5       29.5       20.2        21.6
     Investments                       16,144      36,821     17,627     22,204     35,248
                                                                                              EPS*                                 5.3       30.5       29.5       20.2        21.6
     Current assets, loans & advances
                                                                                              Note:*ex-one time items
     Inventory                             366        178        228        635        748
     Debtors                           60,229      58,554     81,988    102,852    101,836
                                                                                              Valuation (x)
     Cash & bank balances              26,981      47,186     73,781     85,930    161,769
                                                                                              Year ended 31st Mar 2009                     2010       2011 2012e           2013e
     Loans & advances and others       81,549      85,809     96,732    120,962    120,962
                                                                                              PE                                  40.2       30.8       23.8       19.8        16.3
     Current liabilities & provisions
                                                                                              P/BV                                13.8       11.7        8.8         7.1        5.5
     Creditors                         42,536      40,938     46,981     76,073     89,164
                                                                                              EV/EBITDA                           29.2       24.1       18.7       14.3        11.5
     Other liabilities & provisions    17,266      43,001     29,065           -          -
                                                                                              EV/Sales                              7.5        7.0       5.6        4.2         3.4
     Net current assets               109,324     107,789 176,683 234,306          296,151
                                                                                              Dividend Yield (%)                   0.6        1.8        1.3        1.6         1.9
     Application of funds             167,364     190,004    251,473 322,153       407,737

                                                                                              Financial ratios
     Per share data                                                                           Year ended 31st Mar 2009                     2010       2011 2012e           2013e
     Year ended 31st Mar 2009                      2010      2011 2012e            2013e      RoE (%)                             34.2        37.9       37.0      35.6        33.9
     No. of shares (m)                 1,957.2     1,957.2    1,957.2    1,957.2    1,957.2   RoCE (%)                            39.5       42.3       41.5       43.5        42.3
     BVPS (INR)                            80.2      94.4      125.2      156.3      200.0    Debt/Equity (x)                      3.6        0.6        0.3        2.4         1.8
     CEPS (INR)                            30.3      39.1       50.1       59.0       72.5    EBIT/Interest (x)                     na         na         na         na          na
     DPS (INR)                              7.0      20.0       14.0       17.6       20.5
                                                                                              Source: Company Antique


     Margins (%)
     Year ended 31st Mar 2009                      2010      2011 2012e            2013e
     EBIDTA                               25.8       29.0       29.9       29.6       29.7
     EBIT                                  22.2      27.7       29.6       29.0       29.4
     PAT                                   19.3      23.3       24.3       22.0       21.7
     Source: Company, Antique
ANTIQUE STOCK BROKING LIMITED                                                                                                        18 JANUARY 2012 | 8




       Current Reco               :    HOLD                   2QFY12 RESULTS REVIEW
       Previous Reco
       CMP
                                  :
                                  :
                                       HOLD
                                       INR425                 HCL Technologies Limited
       Target Price               :    INR432                 2QFY12 Results: Deal wins save the day
       Potential Return           :    2%

                                                              Results highlights
                                                                    HCL Technologies (HCL) reported revenues and EBIDTA of INR52.45bn (up 12.8%
      Sandip Agarwal
      +91 22 4031 3427                                              QoQ) and INR9.7bn vs. our estimates of INR52.63bn and INR10.21bn, respectively.
      sandip.agarwal@antiquelimited.com                             Revenues were up 3.7% on constant currency basis (IT services 3.8% in CC) and
                                                                    2% on USD basis, below our expectation of ~3% growth. It reported EBIT and net
                                                                    income of INR7.63bn and INR5.72bn respectively vs. INR6.67bn and INR4.96bn
                                                                    in the previous quarter. EBIDTA margins came at 18.5%, implying an increase of
                                                                    140bps vs. the previous quarter primarily helped by pyramid rationalisation.
     Market data
     Sector                       :                      IT         IT services revenues were up 2.1% (in USD terms), while BPO revenues were down
     Market Cap (INRbn)           :                  294            0.1% on a sequential basis. EBIDTA margins for the IT services increased by
     Market Cap (USDbn)           :                    5.8
                                                                    ~150bps on account of cost rationalisation while the same for BPO business declined
     O/S Shares                   :                  691
     Free Float (m)               :                  219            by ~70bps.
     52-wk HI/LO (INR)            :           526/358
                                                                    On geographic segment front, revenues from America and Europe were up 7.3%
     Avg Daily Vol ('000)         :               1,185
     Bloomberg                    :             HCLT IN             and 6.3% while was down 11.7 for ROW on a CC basis (QoQ). On the service
     Source: Bloomberg                                              offering front, revenues from Enterprise Application Services (EAS), Engineering,
                                                                    and Custom Application were up 6.5%, 4% and 5.4% respectively, while was
     Returns (%)
                         1m     3m      6m           12m            down 0.7% for Infrastructure services. It won 18 multi-year, multi-million dollar
     Absolute             3      (3)    (14)         (10)           deals with TCV (total contract value) of ~USD1bn.
     Relative            (3)      0       (3)            3
     Source: Bloomberg                                        Valuation and outlook
     Shareholding pattern                                     HCL has posted a dismal revenue growth of 2% in USD terms and 3.7% in CC terms. We
        Promoters                             FIIs            believe that the key challenge for the company will be to further improve gross margins
           63%                                21%             amidst cost pressures and high lateral recruitment; moreover we also believe that the
                                                              discretionary component of the pipeline will take a sharp hit next quarter onwards,
                                                 DII
                                                 7%
                                                              particularly in the EAS space. At the CMP of INR425, HCL is trading at 13x our FY13e
                                                              EPS estimate of INR33.2. We value HCL at INR432, or 13x our FY13e EPS of INR33.2,
                                                Others        which leaves a potential upside of 2% from current levels. We reiterate a HOLD.
                                                 9%
                                                              Quarterly financials
     Source: BSE                                              Year ended 30th June        2QFY12       2QFY11        Chg(%)      1QFY12        Chg(%)
                                                              Revenue (INRm)                52,452      38,884          34.9      46,513          12.8
     Price performance vs Nifty                               Expense (INRm)                42,750       32,537         31.4      38,564          10.9
      200                                                     EBITDA (INRm)                  9,702        6,347         52.9         7,949        22.1
      150                                                     Other income (INRm)              670           80        737.5          (59)    (1,235.6)

      100                                                     Depreciation (INRm)            1,395        1,239         12.6        1,309          6.6
                                                              Profit before Tax (INRm)       7,637        5,028         51.9        6,699         14.0
        50
                                                              Taxes (INRm)                   1,911        1,030         85.5        1,728         10.6
          0
                                                              Minority Interest                   -            -                        3
           Jan-     Jan-       Jan-    Jan-      Jan-
            08       09         10      11        12          Reported PAT (INRm)            5,726        3,998         43.2        4,968         15.3
                                                              Source: Company, Antique
                   HCLT                  NIFTY
     Source: Bloomberg
ANTIQUE STOCK BROKING LIMITED                                                                                         18 JANUARY 2012 | 9




                                             Other key highlights
                                                On the operational front, the company added 4,931 and 1,734 employees on a
                                                gross and a net basis respectively in the IT services business. Its utilisation level fell
                                                marginally from 81% in 1QFY12 to 80.7% in 2QFY12 while attrition level declined
                                                from 15.9% in the previous quarter to 15.7% in the current quarter in the IT services
                                                business.

     Revenue by geography
     (as % of total)              3QFY10     4QFY10      1QFY11        2QFY11         3QFY11        4QFY11        1QFY12        2QFY12
     Americas                        59.5       61.5          58.0          57.1          54.3          54.4           55.8          58.8
     Europe                          26.7       24.6          26.7          26.6           27.0          27.1          26.7          26.8
     ROW                            13.8        13.9          15.3          16.3          18.7          18.5           17.5          14.4
     Total                         100.0      100.0         100.0         100.0         100.0         100.0         100.0          100.0
     Source: Company, Antique


     Revenue by verticals
     (as % of total)              3QFY10     4QFY10      1QFY11        2QFY11         3QFY11        4QFY11        1QFY12        2QFY12
     Financial Services             25.5        24.9          25.2          24.6          26.2             26          25.1          25.3
     Manufacturing                   26.7       27.3          27.2          27.1           27.3           28             29          29.5
     Telecom                        11.6        10.9            11          10.8          10.3            9.1           8.5             8
     Retail & CPG                     7.5        8.2           8.5           9.1            8.7           7.9           8.5           8.8
     Media, Publishing                7.9         7.4          6.9           6.8            6.6           7.1           6.8           6.4
     Healthcare                       7.5        8.2           8.4           8.4              8           7.9           7.6           8.6
     Energy                             7        6.9           6.8            7.2           7.3           8.3             8           6.4
     Other                            6.3        6.2             6           5.8            5.6           5.7           6.6           6.9
     Total                           100        100           100          99.8           100            100         100.1          99.9
     Source: Company, Antique


     Segment P/L (IT services)
     (USDm)                       3QFY10     4QFY10      1QFY11        2QFY11         3QFY11        4QFY11        1QFY12        2QFY12
     Revenues                       633         692           756           815           865            915           956           975
     Direct Costs                    412        454           510            552           581           612           650           648
     Gross Profits                  222         238           246           263           284           303            306           327
     SG & A                           84          96          111            120           124           124           134            137
     EBIDTA                          138        143           135           143           160            179           172           190
     EBIT                            116        120           111           119           137            153           146           165
     Margins (%)
     Gross Margin (%)               35.0        34.4          32.5          32.3           32.8         33.1           32.0          33.6
     EBIDTA Margin (%)              21.7        20.6          17.9          17.6          18.5           19.5          18.0          19.5
     EBIT Margin (%)                18.3        17.3          14.7          14.6          15.8          16.7           15.3          17.0
     Source: Company, Antique

     Segment P/L (BPO services)
     (USDm)                       3QFY10     4QFY10      1QFY11        2QFY11         3QFY11        4QFY11        1QFY12        2QFY12
     Revenues                         52         46            48             50            50            48            47            46
     Direct Costs                     43          40            39            40            40            39             37            37
     Gross Profits                    10           6             9            10              9             9           10             10
     SG & A                           12          11            13            12            11            10             10            11
     EBIDTA                           (2)        (5)           (4)            (2)           (2)           (1)           (1)           (1)
     EBIT                             (5)        (6)           (7)            (5)           (5)           (4)           (3)           (4)
     Margins (%)
     Gross Margin (%)               18.3        12.5          18.1          19.6          18.9           19.3          20.6          21.1
     EBIDTA Margin (%)               (4.4)     (11.2)         (8.7)         (4.8)         (3.2)          (1.9)         (1.5)         (2.2)
     EBIT Margin (%)                 (9.6)     (14.1)        (14.8)        (10.9)          (9.2)         (8.2)         (7.1)         (7.5)
     Source: Company, Antique
ANTIQUE STOCK BROKING LIMITED                                                                                 18 JANUARY 2012 | 10




     Client contribution
     Client data                3QFY10    4QFY10       1QFY11       2QFY11       3QFY11       4QFY11        1QFY12       2QFY12
     Top 5                         17.8       17.7         17.5         16.8         16.2          15.4         15.3         15.8
     Top 10                       25.8        25.9         25.8         25.6         25.2          24.6         24.1         24.2
     Top 20                       36.6        36.6         36.8         36.6         36.2          35.3         34.2         33.9
     Active Clients                404        408           426          434          453          467          480           516
     New Clients Added              39          51           48           46           58            70           66           57
     Accounting >5%                  1           1            1            1             1            1            1            1
     >100 M USD                      1           1            1            1             1            1            1            3
     >50 M USD                       6           5            6            7             8            9            9            9
     >40 M USD                       7           7            7            9           10            10           11           12
     >30 M USD                      14          12           14           16           19            22           23           23
     >20 M USD                      26          24           28           28           31            35           37           42
     Source: Company, Antique

                                          Valuation and outlook
                                          Although HCL management maintained their positive view on the demand side and
                                          witnessed no slowdown or postponement in IT spends, we forecast a 11% growth for
                                          FY13e revenues to INR227bn. We continue to believe that HCL's significant presence
                                          in ERP space (post acquisition of Axon) carries a high risk in an uncertain environment.
                                          In a scenario of global slowdown, the discretionary spend of the business gets
                                          postponed/delayed which coupled with high employee cost (mostly laterals) can
                                          significantly impact margins. At the CMP of INR425, HCL is trading at 13x our FY13e
                                          EPS estimate of INR33.2. We value HCL at INR432, or 13x our FY13e EPS of INR33.2,
                                          which leaves a potential upside of 2% from current levels. We reiterate a HOLD.
ANTIQUE STOCK BROKING LIMITED                                                                                                                      18 JANUARY 2012 | 11




     Financials
     Profit and loss account (INRm)                                                     Cash flow statement
     Year ended 30th Jun              2009      2010      2011 2012e          2013e     Year ended 30th Jun              2009        2010      2011 2012e          2013e
     Revenues                         105,908   125,207 160,342 205,581       227,555   PAT                               12,775     12,980    17,099    21,835     23,233
     Expenses                         82,844     99,560 132,854     169,667   190,951   Depreciation & amortisation        4,489      4,996      4,975    5,823      5,990
     Operating Profit                 23,064    25,647    27,488    35,915    36,603    Interest / Dividend Recd           (644)        529      (257)      (36)        44
     Other income                       3,931     4,739      818       937          -   Other adjustments                 (1,091)    (2,149)     (312)       36        (44)
     EBIDTA                           23,064    25,647    27,488    35,915    36,603    (Inc)/Dec in working capital      (5,671)     1,449    (4,519)   (2,915)      (456)
     Depreciation                       4,489     4,996    4,975      5,823     5,990   CF from operating activities       9,858     17,805    16,986    24,743     28,767
     Interest Income                    (644)      529      (257)      (36)       44    Capital expenditure               (5,231)    (6,116)   (7,693)   (8,000)    (8,000)
     Profit before tax                15,288    15,383    21,952     29,191   30,570    (Purchase)/Sale of Investments   (28,352)    (5,707)      (58)     (535)    (4,000)
     Taxes incl deferred taxation       2,544    2,402     4,853      7,353     7,337   CF from investing activities (33,583)       (11,824)   (7,751)   (8,535)   (12,000)
     Minority Interest                   (31)        1          -        3          -   Inc/(Dec) in share capital           220     11,020       890          -          -
     Profit after tax                 12,775    12,980    17,099    21,835    23,233    Inc/(Dec) in debt                 29,468    (13,495)   (4,810)   (8,000)    (8,000)
     Recurring EPS (INR)                 19.0     18.8      24.6       31.2     33.2    Dividends & Interest paid         (7,104)    (2,893)   (4,626)   (5,930)    (5,096)
                                                                                        CF from financing activities     22,585     (5,368)    (8,547) (13,930)    (13,096)
     Balance sheet                                                                      Net cash flow                     (1,140)       613      688      2,279      3,671
     Year ended 30th Jun              2009      2010      2011 2012e          2013e     Opening balance                    4,648      4,073     4,686     5,198       7,477
     Networth                          56,859    70,368   84,345 101,404      119,043   Restricted Cash & Others             565           -     (176)         -          -
     Debt                              29,771    26,632   21,240     16,905     8,905   Closing balance                   4,073      4,686      5,198     7,477     11,148
     Capital employed                 86,630    97,000 105,585      118,311   127,948
     Net assets                        61,187   61,608    64,043    73,237    75,247
                                                                                        Growth indicators (%)
     Investments                         369       707     2,780      2,878     2,878
                                                                                        Year ended 30th Jun              2009        2010      2011 2012e          2013e
                                                                                        Revenue                             39.4       18.2      28.1      28.2       10.7
     Other Assets                       8,608     9,640   10,392     11,607    11,607
                                                                                        EBITDA                              39.5       11.2        7.2     30.7         1.9
     Current assets, loans & advances
                                                                                        PAT                                 14.9        1.6      31.7       27.7        6.4
     Investments                       14,791    19,733   17,211    11,649     15,149
                                                                                        EPS                                 16.4       (0.7)     30.4       27.1        6.5
     Debtors                           27,083   25,139    25,907     35,985    38,141
     Cash & bank balances               4,203    4,686     5,198      7,477    11,149
                                                                                        Valuation (x)
     Loans & advances and others      10,699    14,202    20,704     27,581    28,496
                                                                                        Year ended 30th Jun              2009        2010      2011 2012e          2013e
     Current liabilities & provisions
                                                                                        PE                                  22.4       22.6      17.3      13.6       12.8
     Creditors                         32,675   31,329    33,763     43,662    46,277
                                                                                        P/BV                                 5.0        4.2       3.5        2.9        2.5
     Other liabilities & provisions     7,634     7,386    6,887     8,441      8,441
                                                                                        EV/EBITDA                           12.9       11.6      10.8       8.3         8.1
     Net current assets               16,467    25,045    28,370    30,589    38,216
                                                                                        EV/Sales                             2.8         2.4      1.9       1.4         1.3
     Application of funds             86,631    97,000 105,585      118,311   127,948
                                                                                        Dividend Yield (%)                   1.6         0.9      1.8        1.9        1.9

     Per share data                                                                     Financial ratios
     Year ended 30th Jun              2009      2010      2011 2012e          2013e     Year ended 30th Jun              2009        2010      2011 2012e          2013e
     No. of shares (m)                    674      689       696       700       699    RoE (%)                             22.5       18.4      20.3      21.5        19.5
     BVPS (INR)                           84       102       121       145       170    RoCE (%)                            26.6       26.4      26.0      30.4       28.6
     CEPS (INR)                          25.6      26.1     31.7       39.5      41.8   Debt/Equity (x)                      0.5        0.4       0.3       0.2         0.1
     DPS (INR)                            7.0       4.0       7.5       8.0       8.0
                                                                                        Source: Company Antique


     Margins (%)
     Year ended 30th Jun              2009      2010      2011 2012e          2013e
     EBIDTA                              21.8      20.5     17.1       17.5      16.1
     EBIT                                14.4      12.3     13.7       14.2      13.4
     PAT                                 12.1      10.4     10.7       10.6      10.2
     Source: Company, Antique
ANTIQUE STOCK BROKING LIMITED                                                                                                      18 JANUARY 2012 | 12




       NOT RATED                                               3QFY12 RESULTS REVIEW
       CMP : INR204
                                                               Dewan Housing Finance Corp. Ltd.
                                                               Strong performance in a difficult quarter
      Sunesh Khanna                                            Key highlights
      +91 22 4031 3437
      sunesh.khanna@antiquelimited.com                         Dewan Housing Finance Corp. Ltd. (DHFL) registered a PAT of INR750m (+22% YoY,
      Alok Kapadia                                             4.3% QoQ) during the quarter; the strong growth in PAT came in even after providing
      +91 22 4031 3442
      alok.kapadia@antiquelimited.com                          provisioning of INR150 including additional provisioning to comply for NHB norms.
                                                               The loan book registered a growth of 50% YoY on the back of strong volume growth as
                                                               it reaps the benefits of strong focus on low and middle income segments in the semi-
                                                               urban and rural areas.

                                                               Robust NII growth aided by strong volume growth
     Market data
                                                               NII for the quarter stood at INR1.24bn (+40% YoY, 17% QoQ), backed by strong
     Sector                          :          Financial
     Market Cap (INRbn)              :                   21    growth in loan book, which grew by 50% YoY and 10% QoQ to INR185bn. Growth in
     Market Cap (USDm)               :                  420    NII was also aided by sustained net interest margins which stood at 2.78% vs. 2.79%
     O/S Shares                      :                 105     in last quarter, these margins were despite increase in cost of borrowings during the
     Free Float (m)                  :                   43
                                                               quarter.
     52-wk HI/LO (INR)               :         288/171
     Avg Daily Vol ('000)            :                 464     Sanctions and disbursements witness strong growth
     Bloomberg                       :         DEWH IN
     Source: Bloomberg
                                                               Sanctions for the quarter stood at INR30.8bn (+44% YoY, 2.5% QoQ), whereas
                                                               disbursements grew by 43% YoY (6.6% QoQ). The strong volume growth has aided by
     Returns (%)                                               strong performance from tier 2/3 cities as DHFL has been focusing on lower and
                         1m       3m        6m        12m
                                                               middle income segment in the semi-urban and rural areas.
     Absolute            2.0      (9.2)   (10.4)      (17.6)
     Relative        (4.0)        (6.2)       1.0      (5.6)   Margins intact
     Source: Bloomberg
                                                               NIMs stood flat QoQ at 2.78% despite increase in borrowing costs by 60bps during
     Shareholding pattern                                      the quarter. However, with 92% of the loan being floating, the company was
              FII                                              successfully able to pass on the costs. We believe with 40% average loan to installment
             42%                                               ratio, there has been a better scope for absorption of hike in interest rates without
                                                               any material stress. However, with peaking rate cycle and expectation of rate cuts in
                                                       DII     1QFY13e, we believe that margins have bottomed out and can witness an
                                                      18%
                                                               improvement going forward.

       Promoter                                     Others     Valuation
         39%                                         1%
                                                               With a strong business model, stable asset quality, and superior return ratios coupled
     Source: BSE
                                                               with focus on tier2/3 cities, the growth potential of DHFL remains strong. The stock is
     Price performance vs Nifty                                currently trading at 1x FY13e P/B and 5.3x FY13e P/E and is attractively priced in.
      300
                                                               Summary quarterly financials
      225                                                                                 3QFY12      2QFY12       3QFY11       YoY (%)     QoQ (%)
      150                                                      NII                         1,241          864         1,114        40.4          17.3
                                                               Other Income                   371          356          205         81.5          4.4
        75
                                                               Total Income                 1,830        1,599        1,244          47.2        14.4
         0
                                                               Operational expense            842          732          433         94.5         15.1
         Apr-08          Jul-09      Oct-10         Jan-12
                                                               Gross profit                   988          868          811         21.9         13.9
                    DHFL                       NIFTY
                                                               PBT                            988          867          811         21.9         14.0
     Source: Bloomberg                                         PAT                            750         719          618          21.4          4.3
                                                               Source: Company, Antique
ANTIQUE STOCK BROKING LIMITED                                                                         18 JANUARY 2012 | 13




                                Other highlights during the quarter
                                Asset quality remains strong
                                Asset quality improved during the quarter with GNPA at 0.89% (vs. 0.97% in 2QFY12)
                                and NNPA at 0.17% (vs. 0.26% in 2QFY12). We believe asset quality has displayed
                                resilience despite the continued increase in prime lending rates by DHFL.

                                Improvement in operating matrix of First Blue Housing Finance
                                During the quarter, FBHF net profit stood at INR239m (+25% YoY). Loan growth
                                momentum remained healthy at 18% YoY with growth in sanctions/disbursements at
                                34%/35%. GNPA at 0.96% was up 20bps QoQ, the management has attributed the
                                same towards one-off time. DHFL's expertise helped in bringing efficiency as there has
                                been an improvement of 200bps in the RoE which now stands at 16.7%.

                                Strong loan growth
                                 200


                                 160


                                 120


                                   80


                                   40


                                    0
                                               3QFY11       4QFY11          1QFY12           2QFY12        3QFY12


                                                                       AUM INR bn

                                Source: Company, Antique




                                Disbursement momentum continues
                                 25                                                                         23
                                                                                              21
                                                            20
                                 20
                                                15                           16
                                 15


                                 10


                                   5


                                   0
                                             3QFY11        4QFY11         1QFY12             2QFY12       3QFY12

                                                                     Disbursements (INRBn)

                                Source: Company, Antique
ANTIQUE STOCK BROKING LIMITED                                                                              18 JANUARY 2012 | 14




                                Margins bottomed out this quarter
                                 4            3.80           3.70                                   3.60         3.80
                                                                              3.30

                                 3


                                 2


                                 1


                                 0
                                           3QFY11           4QFY11          1QFY12             2QFY12           3QFY12

                                                                               NIMS

                                Source: Company, Antique


                                Yield on assets
                                 15                                                             13.80           14.20
                                              12.50          12.50            12.60
                                 12


                                   9


                                   6


                                   3


                                   0
                                             3QFY11         4QFY11            1QFY12           2QFY12           3QFY12

                                                                          Yield on advances

                                Source: Company, Antique




                                Average ticket size
                                 800

                                 640


                                 480


                                 320


                                 160

                                     0
                                              FY09         FY10        FY11           1QFY12           2QFY12    3QFY12

                                                                     Average ticket size (Rs'000)

                                Source: Company, Antique
ANTIQUE STOCK BROKING LIMITED                                                                                         18 JANUARY 2012 | 15




                                Borrowing mix
                                    100%
                                                      18.1                16.7              17.4               21.8              19.5
                                       80%                                8.9               8.4                                  7.4
                                                      11.2                                                      7

                                       60%


                                       40%                                74.4              74.2
                                                      70.7                                                     71.2              73.1

                                       20%


                                          0%
                                                   3QFY11            4QFY11             1QFY12              2QFY12           3QFY12

                                                                    Bank's & FI's     NHB          NCD's & Money market

                                Source:


                                Improvement in asset quality
                                 1.20                                                                                                   0.90
                                                   1.00                                                 0.97
                                 1.00                                                                                     0.89          0.75
                                                                    0.70             0.80
                                 0.80                                                                                                   0.60
                                                 0.40
                                 0.60                                                                                                   0.45
                                                                                                        0.26
                                 0.40                                                0.20                                               0.30
                                                                                                                          0.17
                                                                   0.10
                                 0.20                                                                                                   0.15

                                 0.00                                                                                                   0.00
                                               3QFY11            4QFY11             1QFY12             2QFY12         3QFY12

                                                             Gross NPAs (RHS)                             Net NPAs (LHS)

                                Source: Company, Antique




                                Coverage (%)
                                 90                                 85                                                           81
                                                                                        70                     73
                                 75
                                                 60
                                 60

                                 45

                                 30

                                 15

                                   0
                                               3QFY11             4QFY11              1QFY12              2QFY12             3QFY12

                                                                                    Coverage(%)

                                Source: Company, Antique
ANTIQUE STOCK BROKING LIMITED                                                                         18 JANUARY 2012 | 16




                                CAR (%)
                                 25

                                               18.8                                          19.4
                                 20
                                                                                                            17.1
                                                            13.9              13.8
                                 15


                                 10


                                   5

                                   0
                                             3QFY11        4QFY11            1QFY12         2QFY12        3QFY12

                                                                             CAR(%)

                                Source: Company, Antique


                                Return ratios
                                 20.0                                                                              2.5


                                 16.0                                                                              2.0


                                 12.0                                                                              1.5


                                   8.0                                                                             1.0


                                   4.0                                                                             0.5


                                   0.0                                                                             0.0
                                              3QFY11       4QFY11       1QFY12           2QFY12        3QFY12

                                                             RoE (%) (LHS)            RoA (%) (RHS)

                                Source: Company, Antique
ANTIQUE STOCK BROKING LIMITED                                                                                                                                                        18 JANUARY 2012 | 17




     Valuation Guide
     Company                         Reco    CMP        TP    Return   M.Cap     Net profit (INRbn)     EPS (INR)           PE (x)         EV/EBITDA (x)   P/BV (x) Div Yld (%)   RoE (%)   RoCE (%)   Absolute (%)
                                             (INR)    (INR)      (%)   (INRbn)    FY12       FY13     FY12     FY13       FY12 FY13        FY12    FY13      FY13         FY13     FY13       FY13     1m      12m

     AUTOMOBILES
     Ashok Leyland                   HOLD     26       32        24        68       6.5        8.0      2.4         3.0   10.5       8.4    7.2      6.2       1.4         3.6     16.3        16.0     11     (14)
     Bajaj Auto                      BUY    1,453    1,935       33      420       32.0      36.5 110.7        126.3      13.1   11.5      10.2      8.7       5.1         3.4     43.9        61.8    (12)      15
     Bosch                           BUY    7,187    8,056       12      226       11.2      13.7 358.2        435.5      20.1   16.5      16.6     13.3       3.7         0.9     22.2        28.0      9       16
     Exide Industries                SELL    122      102      (16)      104         4.4       6.5      5.1         7.7   23.8   15.9      16.7     11.1       2.9         0.8     18.0        26.3      6     (21)

     Escorts                         HOLD      78       87       12         8        1.3       1.9    12.9      18.6       6.1       4.2    3.9      2.8       0.4         3.1       9.2       11.4     18      (47)
     Hero MotoCorp                   BUY    1,828    2,672       46      365       23.5      30.0     117.6    150.4      15.5   12.1      14.8     11.7       9.2         5.5     82.6      100.8      (5)       2
     Mahindra & Mahindra             BUY     706       874       24      433       26.3      33.3     40.2      50.8      17.6   13.9      12.3      9.8       3.2         1.8     22.9        29.1      7       (4)
     Maruti Suzuki                   HOLD   1,108    1,178        6      320       17.8      23.7     61.7      82.0      18.0   13.5      10.3      8.0       1.8         0.7     13.5        23.1     19     (13)
     Tata Motors                     BUY     217      270        24      638      112.1     130.1     35.1      40.8       6.2       5.3    3.9      3.1       1.7         1.8     32.3        33.0     26       (8)
     CEMENT
     ACC                             HOLD   1,139    1,122       (2)     214       11.5      14.8     61.4      78.9      18.5   14.4      10.9      8.6       2.8         3.1      27.8       20.3      1       14
     Ambuja Cements                  HOLD    157      146        (7)     241       13.2      15.3       8.6     10.0      18.3   15.8      10.2      8.4       2.6         1.9      17.6       22.5      3       25
     Shree Cements                   BUY    2,098    2,275        8        73        2.1       2.6    61.2      75.8      34.3   27.7       8.1      6.6       3.1         0.6     11.7        12.7      6       18
     Ultratech Cements               HOLD   1,180    1,206        2      323       18.7      21.7     68.2      79.3      17.3   14.9      10.3      8.7       2.3         0.5      16.6       18.3      4       17
     FMCG & RETAIL
     Asian Paints                    HOLD   2,736    2,808        3       262        9.4     12.1      94.0    121.1      29.1   22.6      18.9     14.0       9.4         2.0     41.5        45.0      1        3

     Colgate Palmolive India         SELL    965      832      (14)      131         4.1       4.7    30.5      34.7      31.6   27.8      25.9     21.5     26.0          2.7     93.2      105.4      (5)      16
     Dabur India                     BUY       97     113        16      169         6.6       8.2      3.8         4.7   25.6   20.6      19.9     15.8       7.5         1.7     36.1        29.2      1       (2)
     Radico Khaitan                  BUY     110      186        69        15        0.9       1.2      6.5         8.9   16.8   12.4      11.0      8.8       1.8         1.0     14.3        13.2     (7)    (27)
     Godrej Consumer Products        HOLD    402      411         2      130         5.7       7.0     17.7     21.6      22.7   18.6      17.2     14.0       5.4         2.2      29.3       23.0      2        1
     Hindustan Unilever              BUY     398      443        11      859       25.7      30.3     11.9      14.1      33.5   28.3      28.1     23.1     20.8          2.2      73.5       79.6      1       32
     ITC                             HOLD    208      218         5     1,625      62.1      70.4       8.0         9.1   26.0   22.9      18.3     15.9       8.1         2.7     35.3        45.3      6       22

     Jyothy Laboratories             HOLD    170      153      (10)        14        0.7       0.9      8.3     11.0      20.5   15.4      18.0     11.7       1.9         2.5     12.6         8.9      6     (38)
     Marico                          HOLD    154      148        (3)       94        2.9       4.1      4.7         6.7   33.0   22.8      20.8     15.0       6.2         0.4      27.2       22.5     11       22
     Nestle India                    SELL   4,057    3,699       (9)     391       10.4      12.3 108.3        127.5      37.5   31.8      24.9     21.1     28.7          2.3     90.1      101.7      (4)      10
     Pantaloon Retail                HOLD    149      180        21        32        2.1       2.5      9.0     10.7      16.6   14.0       6.9      6.4       1.0         1.7       6.8       10.4      7     (51)
     Titan Industries                BUY     185      191         3      164         5.8       7.2      6.5         8.1   28.2   22.9      20.6     14.7       8.2         1.2     35.6        43.8     14        8
     United Breweries                HOLD    466      372      (20)      123         2.2       3.2      8.5     12.4      55.0   37.5      31.3     17.8       1.8         0.1     16.3        18.8     16       (1)
     United Spirits                  HOLD    638      942        48        83        4.0       5.5    32.6      44.5      19.6   14.3      12.0      9.4       1.6         0.4     10.9        11.7      3      (52)

     INFRASTRUCTURE
     IL&FS TransportationNetworks BUY        187      330        76        36        4.9       6.8    25.3      34.8       7.4       5.4    6.9      5.1       1.2         1.6     21.6        14.7     14     (28)
     Mundra Port And SEZ             BUY     140      164        17      280       11.1      16.5       5.4         8.1   25.9   17.3      16.8     11.8       4.4         0.7     21.7        17.9     11        2
     INFORMATION TECHNOLOGY
     HCL Technologies                HOLD    425      428         1       294      20.0      22.4     28.6      31.9      14.9   13.3       9.6      8.5       2.5         1.9     18.9        27.8      3     (10)
     Infosys Ltd.                    BUY    2,662    3,318       25     1,529      83.5      95.7 146.1        167.5      18.2   15.9      12.2     10.1       3.8         1.5     24.0        29.0     (2)    (19)
     Persistent Systems              BUY     325      418        28        13        1.4       1.7    33.9      41.8       9.6       7.8    5.5      4.1       1.3         3.1     16.3        17.3      6     (25)
     Tata Consultacy Services        BUY    1,104    1,344       22    2,161      105.7     126.5     54.0      64.6      20.5   17.1      15.0     11.9       5.6         1.8     32.7        41.9     (4)      (3)
     Wipro                           BUY     415      448         8    1,021       53.4      64.2     22.1      26.4      18.8   15.8      14.7     12.4       3.2         1.9     20.5        20.0      3     (11)
     KPIT Cummins                    BUY     147      208        41        13        1.2       1.4    14.2      16.2      10.4       9.1    6.9      5.4       1.5            -    16.9        18.7     (2)       1
     MEDIA
     Den Networks                    BUY      64        75       17         8        0.3       0.3      2.1         2.7   31.0   23.9       7.7      6.6       1.1            -      4.4        6.6     29     (60)

     Dish TV India                   HOLD     63       80        28        67      (1.3)     (0.6)     (1.2)    (0.5)      na        na    16.0     12.3       4.1            -     (3.4)       3.0      3        4
     Hathway Cable & Datacom         BUY     126      119        (5)       18        0.0       0.1      0.1         0.5    na        na    11.1      9.7       2.1            -      0.9        4.4     11     (14)
     TV 18 Broadcast                 BUY      31       54        74        11        0.7       1.2      1.9         3.4   16.0       9.2   11.8      7.3       1.2            -    12.6        11.2      2     (66)
     Sun TV Network                  BUY     292      454        56      115         8.0       8.9    20.4      22.7      14.3   12.8       6.6      5.9       3.8         3.5      29.2       38.8      9     (42)
     Zee Entertainment Enterprises   BUY     120      148        23      117         6.2       7.3      6.4         7.5   18.8   16.0      13.1     10.8       2.9         1.6     18.1        24.7      0        5

     UR: Under Review
ANTIQUE STOCK BROKING LIMITED                                                                                                                                                      18 JANUARY 2012 | 18




     Valuation Guide
     Company                      Reco    CMP        TP    Return   M.Cap     Net profit (INRbn)    EPS (INR)             PE (x)         EV/EBITDA (x)   P/BV (x) Div Yld (%)   RoE (%)   RoCE (%)   Absolute (%)
                                          (INR)    (INR)      (%)   (INRbn)    FY12       FY13     FY12    FY13       FY12 FY13          FY12    FY13      FY13         FY13     FY13       FY13     1m      12m

     METALS
     Graphite India               BUY       78     111        42        15        2.1       2.1    10.6     10.9        7.3        7.2    5.6      5.2       0.9         4.5     12.6        15.5     12     (24)
     Hindalco Industries         HOLD     141      143         2      269       32.3      30.6     16.9     16.0        8.3        8.8    6.3      6.1       0.8         1.7       8.9        8.7     12     (38)
     Hindustan Zinc               BUY     129      148        15      544       48.4       57.2    11.5     13.5      11.2         9.5    6.3      4.7       1.7         1.1      17.9       17.9     10       (6)
     Jindal Steel & Power         BUY     512      603        18       478      44.0      51.8     47.1     55.4      10.9         9.2    8.6      7.7       2.0         0.3     21.9        14.0     (1)    (24)

     JSW Steel                   BUY      660      709         7       147        9.7     23.9     43.3    107.2      15.3         6.2    7.6      5.2       0.7         2.3     12.0        10.9     30     (32)
     MOIL                        BUY      263      313        19        44        4.1       3.9    24.6     23.4      10.7     11.2       4.4      4.3       1.7         2.7     14.8        16.9     18     (40)
     Monnet Ispat                BUY      411      618        50        26        3.2       4.8    50.2     74.9        8.2        5.5   12.3     10.0       1.0         1.3      17.4       13.2     15     (26)
     Prakash Industries          BUY       40      107      169          5        2.1       4.7    15.7     35.2        2.5        1.1    2.7      1.0       0.2         2.5     21.9        20.9     33     (60)
     Sesa Goa                     HOLD    192      205         7       167      22.2      41.6      25          48      7.5        4.0    5.7      5.6       1.0         1.7      25.2       16.9     19     (40)
     Steel Authority of India    BUY        94     104        10      390       35.4      42.4      8.6     10.3      11.0         9.2    7.4      6.5       0.9         3.5     10.3         9.9     26     (40)

     Sterlite Industries          BUY     109      148        35       367      44.4      41.3     13.2     12.3        8.3        8.9    4.2      4.3       0.7         1.0       8.4       10.1     23     (36)
     TATA Steel                   HOLD    443      406        (8)     425       50.4      52.1     51.9     53.7        8.5        8.3    8.0      6.0       0.9         2.7     11.2         9.3     21     (29)
     OIL & GAS
     Bharat Petroleum Corp.      BUY      525      607        16      190       12.6      18.7     38.3     57.2      13.7         9.2   11.5      8.6       1.1         2.4       8.4        4.0     (0)    (10)
     Cairn India                  HOLD    345      312      (10)      657       72.0       77.0    43.6     46.8        7.9        7.4    5.4      4.3       1.2         1.7     16.1        16.1     16        2
     Essar Oil                   BUY       58      138      137         79        8.0     13.5      5.8         9.9   10.0         5.9    8.6      5.7       0.9            -    15.6         9.9     22     (55)

     GAIL India                  HOLD     370      463        25       470      41.2      39.4     32.5     31.0      11.4     11.9       7.4      7.9       1.9         2.0     15.7        17.2     (2)    (23)
     Gujarat State Petronet       BUY      81      134        65        46        4.5       4.6     8.0         8.2   10.2         9.9    6.4      6.4       1.6         9.2     16.6        18.0     (6)    (23)
     Hindustan Oil Exploration Co. BUY    113      183        63        15        1.0       1.2     7.6         9.0   14.9     12.5       6.5      5.0       1.1         2.4       8.9       10.0      8     (43)
     Hindustan Petroluem Corp.    BUY     261      356        37        88        5.7     12.1     17.0     35.6      15.4         7.3   12.2      8.4       0.6         4.1       8.8        5.0     (1)    (27)
     Indian Oil Company           BUY     269      314        17      654       38.7      72.0     16.3     30.4      16.5         8.9   11.0      7.7       1.0         3.5     11.5         8.8      1     (14)
     MRPL                        BUY       59      108        83      103         7.2     12.1      4.1         6.9   14.3         8.6    9.8      5.2       1.3         3.7     15.6        15.3      1     (15)

     Oil India                    BUY    1,146    1,638       43       276      33.2      34.2 138.2       142.1        8.3        8.1    3.1      2.7       1.4         1.9      17.0       19.2     (2)    (12)
     Oil & Natural Gas Corp.     BUY      262      335        28    2,242      207.3     224.0     29.3     31.0        8.9        8.5    5.4      5.0       1.9         4.0     18.6        21.2      5     (10)
     Petronet LNG                BUY      158      216        37      118       10.5        9.9    14.0     13.3      11.3     11.9       8.3      7.9       2.7         1.6     23.1        18.5     (2)      24
     Reliance Industries          HOLD    742      880        19    2,430      206.1     219.4     62.9     67.0      11.8     11.1       7.7      7.0       1.2         1.1     11.5         9.1      3     (26)
     SHIPPING AND LOGISTICS
     Container Corp. of India     HOLD    846     1,024       21      110         9.0     10.2     68.9     78.7      12.3     10.7       7.9      6.8       1.7         2.3     16.0        21.1     (2)    (31)
     Essar Ports Ltd             BUY       63      120        90        26        1.4       2.4     3.2         5.3    19.9    11.9       9.9      8.3       1.0            -      8.6        8.6     22     (46)

     Great Eastern Shipping Co   BUY      228      305        34        35        2.6       4.1    17.1     27.3      13.3         8.3    7.4      6.8       0.5         3.5       6.2        5.9      9     (27)
     Great Offshore              UR         94       UR      NA          3        0.9       1.6    24.8     41.8        3.8        2.2    6.9      4.7       0.3         4.3     11.5         8.6     20      (73)
     Mercator Lines              UR        24        UR      NA          6        1.3       1.6     4.8         5.9     5.1        4.1    5.3      4.6       0.3         4.5       6.5        6.0     28     (49)
     SUGAR
     Balrampur Chini Mills        BUY      39       54        38        10      (0.1)       1.5    (0.5)        6.0   (73.9)       6.5   14.1      7.5       0.7         2.5     12.0         8.7     15     (49)
     Shree Renuka Sugars         SELL      33       40        20        22      (2.9)       2.2    (4.3)        3.3     3.2    10.0       7.3      6.0       1.1         3.0     10.9         9.1     40     (61)

     TELECOM
     Bharti Airtel Ltd            HOLD    345      379        10    1,310       60.4      83.5     15.9     22.0      21.7     15.7       7.7      6.2       2.1         0.3     13.4        11.6      3       (1)
     Idea Cellular               HOLD      89        74     (17)      296         7.4     10.5      2.2         3.2   32.8     28.1       8.5      6.7       2.1         0.6       7.5        9.3      6       29

     UTILITIES & INDUSTRIALS
     ABB                         SELL     739      533      (28)      157         2.2       4.0    10.2     19.0      72.4     38.8      51.3     25.6       5.2         0.1     13.3        17.3     31       (1)
     BGR                         BUY      230      618      169         17        2.8       2.0    38.9     27.2        5.9        8.4    7.9     12.1       1.3         2.6     15.1         7.6     14     (63)
     Bharat Heavy Electricals     BUY     281      405        44       687      64.7       76.6    26.4     31.3      10.6         9.0    5.8      4.0       2.3         3.0      25.7       38.0     17     (36)
     CESC                         BUY     234      356        52        29        3.3       4.0    26.3     32.2        8.9        7.3    9.1     10.5       0.6         1.7       8.0        3.9     10     (30)
     Coal India                  BUY      352       374        6    2,222      141.5     154.3     22.4     24.4      15.7     14.4      10.2      8.2       4.0         0.3     28.0        29.1     17       12
     Lanco Infrastructure        BUY       15       35      137         36        1.8       0.9     7.4         3.8     2.0        3.9   15.9     21.1       0.1            -      2.2        2.7     67      (73)
     Larsen & Toubro              BUY    1,267    1,643       30       775      49.7      54.3     81.6     89.2      15.5     14.2      12.3     11.2       2.3         1.5     16.5        11.8     18     (25)
     McNally Bharat Eng. Ltd.    BUY      104      202        95         3        0.8       0.9    25.3     27.6        4.1        3.8    4.1      3.9       0.7         1.9      19.6       16.2     14      (52)
     NTPC                        BUY      167      203        21     1,379      98.0     106.6     11.9     12.9      14.1     12.9      10.2      9.0       1.7         3.3      13.5       11.0      4     (11)
     Power Grid                   BUY     101      124        23      465       29.1      34.2      6.3         7.4   16.0     13.6      10.6      9.3       1.8         1.8     13.1         8.6      2        3
     PTC India                   BUY        47      96      105         14        1.7       1.9     5.9         6.3     7.9        7.4    5.0      5.1       0.6         3.5       7.5        5.2      9     (58)
     Siemens                     SELL     751      818         9      255       10.0      11.8     29.8     34.9      25.2     21.5      15.2     12.6       4.3         0.9      20.0       29.2     16        1
     Suzlon Energy               BUY       23        70     205         41        4.9     15.5      2.6         8.4     8.8        2.7    6.9      1.0       0.5         6.2      19.9       14.8     20     (56)
     Tata Power                  SELL      98       92        (6)     232       21.1      13.8      8.5         5.6   11.4     17.5       3.3      3.2       1.5        16.2       8.7       10.9     10     (27)
     Tecpro Systems              BUY      175      306        75         9        1.6       1.7    32.0     34.0        6.7        5.2    1.3      4.0       0.9         2.4     18.1        18.3     14     (50)

     UR: Under Review
ANTIQUE STOCK BROKING LIMITED                                                                                                                                                              18 JANUARY 2012 | 19




     Valuation Guide
     Company                       Reco    CMP        TP    Return   M.Cap     Net profit (INRbn)    EPS (INR)            PE (x)         EV/EBITDA (x)       P/BV (x) Div Yld (%)       RoE (%)    RoCE (%)   Absolute (%)
                                           (INR)    (INR)      (%)   (INRbn)     FY12      FY13     FY12    FY13       FY12 FY13         FY12     FY13         FY13         FY13         FY13        FY13     1m      12m

     MISCELLANEOUS
     Bajaj Electricals             BUY     168      268        60        17        1.5       1.9    15.6     19.3      10.7        8.7    6.5       5.1          1.9         1.8         23.6         34.1      5     (21)
     Cummins India                 HOLD    390      385        (1)     108         5.5       6.1    20.0     22.0      19.5    17.8       17.8    15.7           4.2         2.1         23.7         24.0     17     (25)
     Havell's India                BUY     433      520        20        54        3.8       4.6    30.2     37.1      14.3    11.7        8.9      7.4          3.8         0.7         38.7         31.8     11       19
     Maharashtra Seamless          BUY     328      436        33        23        3.5       3.8    49.5     54.5       6.6        6.0     4.0      3.4          0.7         2.1          12.8        17.7     (2)      (7)
     Mahindra Holidays             BUY     299      481        61        25        1.4       2.3    16.4     27.5      18.2    10.9      12.5       8.7          3.2         1.7         33.8         18.3      3     (18)
     McLeod Russel                 BUY     195      278        43        21        2.6       2.5    24.1    22.7        8.1        8.6     6.4      6.5          1.1         2.6         13.7         16.0      2       (9)
     Nava Bharat Ventures          BUY     190      245        29        17        1.8       2.6    19.6    28.7        9.7        6.6    6.3       3.4          0.7            -        11.3         10.6      3     (40)
     Opto Circuits                 BUY     224      287        28        42        4.8       6.3    25.8     33.8       8.7        6.6     7.5      5.5          1.8         2.0          31.3        25.9     15       (0)
     Rainbow Papers                HOLD     60        60       (1)        6        0.6       0.8     6.2         8.5     9.8       7.1     6.1      4.1          1.3         0.8         20.0         16.0      0        7
     REI Agro                      BUY      14       32      124         14        3.5       4.3     3.6         4.5    4.0        3.2     4.8      4.3          0.4         2.8         15.0         15.2    (22)    (48)
     S Kumars Nationwide           BUY      30       89       194         9        3.8       4.8    12.8    16.2        2.4        1.9     3.6      3.0          0.2            -        16.1         16.1     12     (58)
     Spice Jet                     BUY      22       41        84        10        0.4       0.5     0.9         1.3   25.5    16.6        2.7      2.8          2.2            -        13.0          2.1     31     (68)
     Sterlite Technologies         HOLD     38       39         3        15        1.0       1.4     2.7         3.9   14.1        9.8     7.3      6.7          0.4         1.3         11.5         13.7     26     (41)
     V-Guard Industries            HOLD    172      214        25         5        0.4       0.6    14.8     21.5      11.6        8.0     7.8      5.5          2.0         1.7          27.6        28.0      7        2
     West Coast Paper Mills        BUY      56        66       18         4      (0.0)       0.2    (0.1)        3.3 (633.1)   16.9        5.4      4.7          0.6         3.6           3.4         4.5     10     (33)




     Company                       Reco    CMP        TP    Return   M.Cap     Net profit (INRbn)    EPS (INR)            PE (x)         NNPA Ratio (%)      P/AdjBV (x) Div Yld (%) RoE (%)        RoA (%) Absolute (%)
                                           (INR)    (INR)      (%)   (INRbn)    FY12       FY13     FY12    FY13       FY12 FY13         FY12     FY13            FY13        FY13         FY13       FY13    1m      12m

     FINANCIALS
     Axis Bank                     BUY     962     1,580       64       397        41        48      99      118        9.7        8.2    0.4       0.5             1.6         2.4        20.0         1.5     6     (22)
     Bajaj Auto Finance            BUY     650      800        23        24          3         4      78     104        8.3        6.3    1.8       1.8             2.1         1.0          8.1        2.1     2        3
     HDFC                          HOLD    675      714         6      995         40         47     27          32    24.6    21.2       0.4       0.4             4.5         1.6        22.1         2.8     8        2
     HDFC Bank                     HOLD    468      484         3     1097         50        66      22          28    21.7    16.5       0.3       0.4             3.2         1.2        20.6         1.8    13       13
     ICICI Bank                    BUY     786     1,320       68      905         64         76     55          66    14.2    12.0        1.4      1.4             1.4         1.5        11.5         1.5    16     (22)
     LIC Housing Finance           HOLD    249      238        (5)     118         10        13      22          27    11.5        9.1    0.1       0.1             2.1         1.5        23.9         1.7    16       65
     Punjab National Bank          BUY     918     1,340       46      291         50        58     158      182        5.8        5.0    1.0       1.2             1.1         0.4        20.6         1.2    11     (19)
     Shriram Transprt finance      BUY     546      720        32      124           7         8      62         70     8.9        7.8     0.5      1.5            22.7             -      24.0         3.5     6     (27)
     State Bank Of India           BUY    1,844    2,376       29     1171        113       147     169      220       10.9        8.4     1.7      1.6             1.7         2.7        15.6         1.0    10     (27)
     YES Bank                      HOLD    285      330        16      100           9       11      26          31    10.9        9.1    0.0       0.0             1.8         1.3        21.7         1.3    11       12
     Bank of Baroda                BUY     759     1,063       40       297        45        51     114      131        6.6        5.8    0.5       0.5             1.1         3.4        19.7         1.1     8       (9)
     Union Bank of India           BUY     189      321        69        99        24        31      46          59     4.1        3.2    1.6       1.7             0.9         0.6        20.2         1.0     1     (40)
     Rural Electrification Corp.   BUY     169      220        30       167        30        34      30          35     5.6        4.9    0.0            -          1.0         3.8        20.1       21.2     (3)    (35)
     Power Finance Corp.           BUY     153      200        31      201         30        35      23          27     6.7        5.7    0.3       0.3             0.9         3.9        16.7         2.5     1     (44)
     Bank of India                 BUY     303      452        49      166         23        31      42          57      7.2       5.3    2.8       2.9             1.0         3.8        12.4         0.7    (2)    (31)
     Canara Bank                   BUY     421      572        36       187        36        44      82          99     5.1        4.3     1.3      1.3             0.9         2.8        16.8         1.0     3     (20)

     UR: Under Review
ANTIQUE STOCK BROKING LIMITED                                                                                                      18 JANUARY 2011 | 20




     Events Calendar                                                                                                  January/February 2012
     Monday                Tuesday                Wednesday               Thursday              Friday                 Saturday            Sun

     16 Jan                17 Jan                 18 Jan                  19 Jan                20 Jan                 21 Jan              22 Jan
                                                  Bajaj Finance           HDFC Bank             Axis Bank              Zee Entertainment   Persistent
                                                  Jindal Steel & Power    Bajaj Auto            JSW Steel              Asian Paints        Systems
                                                                          Hero Motocorp         United Spirits         Godrej Consumer
                                                                          Dish TV               Wipro                  Ultratech Cement
                                                                                                Exide Industries
                                                                                                ITC
                                                                                                Hindustan Zinc
                                                                                                Reliance Industries



     23 Jan                24 Jan                 25 Jan                  26 Jan                27 Jan                 28 Jan              29 Jan
     Colgate Palmolive     MRPL                   Sesa Goa                                      NTPC
     Shree Cements         Cairn India            Rural Electrification                         Bank of India
     Maruti Suzuki         Yes Bank               Union Bank of India                           Petronet LNG
     Larsen & Toubro                              Bank of Baroda
     Jyothy Laboratories                          Sterlite Tech
     Idea Cellular
     GAIL India
     Sterlite Industries
     KPIT Cummins



     30 Jan                31 Jan                 1 Feb                   2 Feb                 3 Feb                  4 Feb               5 Feb
     Havells India         Dabur India                                    ONGC
                           Mahindra Holidays
                           Punjab National Bank
                           Siemens
                           PTC
                           Titan Industries



     6 Feb                 7 Feb                  8 Feb                   9 Feb                 10 Feb                 11 Feb              12 Feb
     MOIL                  Mahindra & Mahindra                            Hindalco Industries   BPCL                   Aditya Birla Nuvo
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Analyst ownership in stock                                                                                                                                      No




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